Sexyy Red Accused Of Scamming Fans With Pump & Dump Crypto Fraud

Sexyy Red Accused Of Promoting Pump & Dump Crypto Fraud To Scam Fans

Sexyy Red is making controversial headlines over her recent crypto promotions, and may be in a lot of trouble, according to the popular social media scam exposer Zach XBT. The rapper or her associates risk jail time if the scam-finder is correct.

The “Pound Town” crooner just released a new album titled ‘Sexyy Red for President’, and she’s currently planning a world tour under the same name.

In connection with that launch, the Missouri native then began promoting a crypto currency called PRESI. While it’s not not clear who the creator of the crypto is or whether that person has ties to Sexyy Red, there are heavy accusations surrounding the currency.

Sexyy Red has been promoting the PRESI crypto to her fans for the past few weeks, and the currency has risen in value.

Sexyy Red / Instagram

However, Zach XBT is claiming that PRESI is a secret pump-and-dump by Sexyy Red and her team. He claims that the rapper owns more than 90% of the crypto currency, and she plans to slowly sell it off to her fans.

Zach XBT shows in evidence that the wallets that own the crypto are linked to Sexyy Red’s team. It’s noteworthy that we are yet to determine the authenticity of this serious allegation against the rapper.

So here’s the issue, under federal securities laws, pump-and dump scams are federal felonies. A crypto pump-and-dump is a market manipulation scam where perpetrators create or obtain large amounts of an altcoin, promote it to fraudulently inflate (pump) the token price, and then cash out by selling (dumping) them to unsuspecting investors.

When perpetrators dump their tokens, the supply increases as the price decreases. Since many of these assets have little to no value, their prices will not recover after the scammers dump their holdings. In other words, innocent investors are stuck with nearly worthless tokens while the fraudsters count their loot.

Folks online have since been running with  the accusations and other internet sleuths are jumping on the bandwagon, claiming that Sexyy Red is up to no good.

Sexyy Red accused of promoting a pump and dump crypto sc@m 👀 pic.twitter.com/gxva2s2gxm

— Peter Dredd (@PeterDredd) July 8, 2024